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SMSFs endured years of being accused of having high fees that cost their members’ balances dearly. Not only was it false, but now APRA fund members have revealed a deep ignorance of just what fees they’re paying and what it’s costing them. Quite clearly, their funds are failing to tell them the full story.
Lost super remains a flaw in the Australian superannuation system. So, for many retirees, it will be worth the effort to make the necessary checks to see there is some money in the regulator’s coffers with their name on it.
For APRA, bigger always seems to be better. But as this state of the nation report into superannuation highlights, size doesn’t count for everything when it comes to delivering member benefits.
Research portrays a $4 trillion superannuation industry struggling to relate to its members, including those nearing or in retirement, with 60 per cent of the more than 2,000 surveyed admitting to finding superannuation confusing.
As a growing number of baby boomers prepare to leave the workforce, funds are enhancing their technology to better inform members about their retirement income options.
Chief retirement officers are assuming a pivotal role as super funds such as AustralianSuper give greater attention to members’ income needs in the decumulation stage.
For those moving permanently to Australia from the UK, specialist advice is required to bring their pension with them in the most tax-effective way.
For 30 years, it’s all been about accumulation. But the Retirement Income Covenant has changed the game, and super funds are now having to give their members retirement solutions. Some are doing it better than others.
Determining how to maximise your retirement income from the age pension and superannuation can be complex, with many needing financial advice to avoid the pitfalls, says Innova Asset Management managing director Dan Miles.
The government’s move to shift Australia’s superannuation system to a focus on the retirement phase might be a big ask for a population long focussed on accumulation. But it’s a necessary one, as most retirees don’t fully grasp how to make their golden years work for them.
With language that largely matches the original proposal, the government’s objective of superannuation is now a step closer to being enshrined in legislation. While industry support remains broadly strong, some take issue with the bill’s wording, some with whether it’s needed at all.
“Unresponsive. Slow. And not member-focussed.” The Assistant Treasurer took superannuation funds to task for failing members on several levels at a “critical juncture” for the system, repeating the government’s call for a legislated objective of super.